Real Estate Principles
Terms
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- Ethics
- A set of prinicples or values by which an individual guides his or her own behavior and judges that of others.
- Police power
- The power of the state to pass laws, within lawful limits that promote the order, safety health, morals and general welfare of its citizens.
- Real Estate Agent
- Someone licencsed by the Department of Real Estate, holding either a broker or salesperson license, who negotiates sales for other people.
- Real Estate Broker
- Someone holding a broker license and permitted by law to employ those holding a salesperson license, who may negotiate sales for other people.
- Real Estate Law
- The law that affects the licensing and conduct of real estate agents.
- Real Estate Salesperson
- Someone holding a salesperson license who must be employed by a real estate broker, for pay, to perform any of the activities of a real estate broker.
- Real Estate Associate
- The same as a real estate salesperson, holding a salesperson license, employed by a broker.
- Revoke
- Recall and make void.
- Suspend
- Temporarily makes ineffective.
- Trade Association
- A voluntary nonprofit organization of independent and competing business units engaged in the same industry or trae, formed to help solve industry problems, promote progress and enhance service.
- What does Real Estate Low affect?
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1. Licensing of Real Estate Agents
2. Conduct of Real Estate Agents. - The two main purposes of the Real Estate Law are...
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1. Protecting consumers from loss because of dishonest and incompetent agents.
2. Protecting the good standing of ethical agents from the adverse publicity caused by unprincipled licensees.